Working Committee

The Board of Directors has nominated one committee, the Working Committee, to assist the Board in its work.

The Board elects amongst its members the Chairman and at least two other members to the Working Committee and confirms its work order. The Working Committee does not have any independent decision making power, except by a specific authorisation given by the Board in a specified matter case by case.

Pursuant to the work order adopted by the Board of Directors, the duties of the Working Committee include, among other, the duties of an audit committee. The task of the Working Committee is to prepare and make proposals to the Board within the focus areas of corporate governance, special finance matters, risk management, compensation and employment matters as well as guidelines for strategic plans and financials goals. It is also the Working Committee´s duty to oversee the accounting and financial reporting processes; to prepare the election of auditor; to review the auditor´s reports and to follow up the issues reported by the external auditor.  

In March 2010 Peter Hofvenstam, Kaj-Gustaf Bergh and Susanna Renlund were elected members and Peter Hofvenstam Chairman of the Working Committee. All of the Working Committee members are dependent of significant shareholders. The Board considered this composition to be suitable taken into account the overall duties of the Working Committee and that the Working Committee only prepares matters for the Board´s decision-making.

In 2010, the Working Committee had 4 meetings. The percentage for participation was 100.

Charter of the Working Committee